However, he revealed that same-store sales growth across the group had slowed to 2.9 per cent in the 17 weeks to October 28 compared with 4.4 per cent in the four weeks ending August 5, and 5 per cent in the same period a year ago.

The number of new stores opened so far this year – 36 – was also lower than the market expected and Domino's will have to accelerate new store rollout in the June-half to meet its targets.

Analysts said the results, released after the market closed on Wednesday, were "disappointing," particularly in Australia and Europe, and trimmed full-year earnings targets by between 2 per cent and 4 per cent.

Related Quotes

Goldman Sachs analyst Andrew McLennan now expects same-store sales across the group to grow by 2.6 per cent rather than 5.2 per cent for the year, below Domino's 3 to 6 per cent target range.

Mr McLennan trimmed his earnings forecast for 2019 by 2.4 per cent to $236.7 million, closer to the lower end of Domino's $227 million to $247 million guidance, due to slower than expected top line growth and higher input costs including cheese.

"We're yet to see enough evidence that franchisee profitability in France and Germany can be lifted sufficiently to incentivise new store openings commensurate with store targets," he said.

"With few realistic large competitor acquisitions available, those targets need to be achieved almost entirely organically. Hence, we retain forecasts for new stores well below Domino's targets and ultimately it is store numbers that drive profitability."

Domino's shares fell 10.7 per cent to $49.72, erasing gains over the last three months.

However Macquarie analyst Quinn Pierson kept profit forecasts intact, saying same-store sales growth was in line with his forecasts and new stores would accelerate in the June-half.

"Overall we forecast group earnings to grow in excess of double-digits per annum, with a path of medium-term earnings revisions potentially skewed higher [and] further accretive acquisitions possible if not probable," Mr Pierson said.

UBS analyst Ben Gilbert also continues to believe Domino's is a good business with a strong earnings outlook, but at 31 times 2019 earnings per share and about 14 per cent compound annual earnings growth, the stock is fully valued. UBS cut its recommendation to neutral from buy.